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1167345

registered interest
date	30/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Electronic Funds Transfer: Fraud
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential benefits of the UK Finance proposal for a Faster Payment Scheme Change Request to provide a long-term sustainable funding system for reimbursing of victims of authorised push payment fraud.
tabling member constituency	Ogmore
tabling member printed	Chris Elmore
uin	7748
answer	answer is ministerial correction date of answer 04/11/2019 answer text <p>The Government takes Authorised Push Payment (APP) fraud extremely seriously. Victims and their families can suffer both serious financial and emotional harm and it is right that industry takes the necessary steps to protect consumers.</p><p> </p><p>The Payment Systems Regulator, which was set up by the Government in 2015, established a steering group to develop a voluntary industry Code of good practice that set the circumstances in which customers will be reimbursed if they fall victim to these kinds of scam. The Code became effective on 28 May 2019.</p><p> </p><p>Pay.UK, under whom the Faster Payments Scheme sits, have consulted on the Change Request, which would introduce a levy on Faster Payments transactions for the reimbursement of victims in the long-term. The final decision sits with Pay.UK and it would not be appropriate for the Government to comment on the specifics of this proposal.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/11/2019 14:06:36 answering member 4051 label Biography information for John Glen
tabling member	4572 label Biography information for Chris Elmore

1167376

registered interest
date	30/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money Laundering: South Sudan
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make it his policy to issue a public advisory to UK financial institutions investing in South Sudan of the risk of money laundering in relation to South Sudanese politically-exposed persons.
tabling member constituency	Hornsey and Wood Green
tabling member printed	Catherine West
uin	7750
answer	answer is ministerial correction date of answer 04/11/2019 answer text <p>The Government is committed to supporting an end to the conflict in South Sudan, including through stemming illicit financial flows which drive destabilisation and conflict in the region. The Government will continue to assess potential additional measures aimed at stemming illicit financial flows from South Sudan in order to support the peace process. The Government’s Money Laundering Regulations 2017 require financial institutions to apply enhanced due diligence measures commensurate with money laundering risks with regard to new or ongoing business. This includes, where appropriate, consideration of relevant factors such as jurisdictional risk and the involvement of politically exposed persons.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/11/2019 14:08:11 answering member 4051 label Biography information for John Glen
tabling member	4523 label Biography information for Catherine West

1167403

registered interest
date	30/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Dispensing: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effect of interchange fee reductions on the number of free-to-use ATMs.
tabling member constituency	Carshalton and Wallington
tabling member printed	Tom Brake
uin	7626
answer	answer is ministerial correction date of answer 04/11/2019 answer text <p>The Government has not carried out a formal assessment of the effect of interchange fee reductions on the number of free-to-use ATMs.</p><p> </p><p>Although the management and deployment of ATMs is a commercial matter for ATM market participants, the Government recognises that widespread access to cash remains extremely important to the day-to-day lives of many consumers and businesses in the UK.</p><p> </p><p>The number of free-to-use ATMs increased for over a decade up to 2017, with the majority of ATMs clustered in areas of high demand and footfall. LINK, the scheme that runs the UK’s ATM network, saw this situation as unsustainable. Therefore, in January 2018, LINK announced reductions to the interchange fee, while taking steps to preserve the broad geographic spread of free-to-use ATMs. This included protections for remote free-to-use ATMs, one kilometre or further from the next nearest free-to-use ATM or Post Office.</p><p> </p><p>In July 2018, LINK responded to lower transaction volumes at ATMs by cancelling the third reduction of interchange fees due in January 2020 and putting on hold the 4th reduction that was due in January 2021.</p><p> </p><p>More recently, LINK committed to protecting free access to cash on high streets – where there are five or more qualifying retailers – and announced £1 million to fund requests for new ATMs from local areas with poor access to cash. Furthermore, UK Finance – the trade association for the UK banking and financial services sector – has launched a Community Access to Cash Initiative, offering grants to local communities to improve cash access.</p><p> </p><p>As of June 2019, there were 48,500 free-to-use ATMs in the UK, which represented 78% of the total number of ATMs. This remains 21% higher than a decade ago.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 7628 question first answered 04/11/2019 16:02:09 answering member 4051 label Biography information for John Glen
tabling member	151 label Biography information for Tom Brake

1167492

registered interest
date	30/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Dispensing: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effect of interchange fee reductions on the number of free-to-use ATMs.
tabling member constituency	Carshalton and Wallington
tabling member printed	Tom Brake
uin	7628
answer	answer is ministerial correction date of answer 04/11/2019 answer text <p>The Government has not carried out a formal assessment of the effect of interchange fee reductions on the number of free-to-use ATMs.</p><p> </p><p>Although the management and deployment of ATMs is a commercial matter for ATM market participants, the Government recognises that widespread access to cash remains extremely important to the day-to-day lives of many consumers and businesses in the UK.</p><p> </p><p>The number of free-to-use ATMs increased for over a decade up to 2017, with the majority of ATMs clustered in areas of high demand and footfall. LINK, the scheme that runs the UK’s ATM network, saw this situation as unsustainable. Therefore, in January 2018, LINK announced reductions to the interchange fee, while taking steps to preserve the broad geographic spread of free-to-use ATMs. This included protections for remote free-to-use ATMs, one kilometre or further from the next nearest free-to-use ATM or Post Office.</p><p> </p><p>In July 2018, LINK responded to lower transaction volumes at ATMs by cancelling the third reduction of interchange fees due in January 2020 and putting on hold the 4th reduction that was due in January 2021.</p><p> </p><p>More recently, LINK committed to protecting free access to cash on high streets – where there are five or more qualifying retailers – and announced £1 million to fund requests for new ATMs from local areas with poor access to cash. Furthermore, UK Finance – the trade association for the UK banking and financial services sector – has launched a Community Access to Cash Initiative, offering grants to local communities to improve cash access.</p><p> </p><p>As of June 2019, there were 48,500 free-to-use ATMs in the UK, which represented 78% of the total number of ATMs. This remains 21% higher than a decade ago.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 7626 question first answered 04/11/2019 16:02:09 answering member 4051 label Biography information for John Glen
tabling member	151 label Biography information for Tom Brake

1167503

registered interest
date	30/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with representatives of retail banks on maintaining a physical network of banks for customers that do not use digital services.
tabling member constituency	Houghton and Sunderland South
tabling member printed	Bridget Phillipson
uin	7740
answer	answer is ministerial correction date of answer 04/11/2019 answer text <p>Treasury Ministers and officials have meetings with many organisations in the public and private sectors on a variety of issues.</p><p> </p><p>Though I can understand the disappointment felt in a community when a bank branch closes, the decision to maintain a presence on the high street is a commercial one for the management team of a bank and Government does not intervene in those decisions.</p><p> </p><p>The retail financial landscape is changing, as more consumers and businesses opt for the convenience, security, and speed of digital payments and digital banking. Banking service providers need to balance customer interests, market competition, and other commercial factors when considering their strategy.</p><p> </p><p>However, the Government also firmly believes that the impact of branch closures should be understood, considered, and mitigated where possible so that all customers, wherever they live, continue to have access to over-the-counter banking services if they wish to use them. That’s why the Government supports the industry’s Access to Banking Standard which helps customers to understand the options they have locally to continue to access banking services, including specialist assistance for customers who need more help. Alternative options include the Post Office, which allows 95% of business and 99% of personal banking customers to carry out their everyday banking at 11,500 Post Office branches across the UK.</p><p> </p><p>I also recently visited a trial Business Banking Hub being run by NatWest, Lloyds Bank and Barclays in Birmingham and I will continue to encourage banks to think creatively about how they can ensure that consumers can access a wide range of banking services on a sustainable basis.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/11/2019 14:04:48 answering member 4051 label Biography information for John Glen
tabling member	4046 label Biography information for Bridget Phillipson

1167037

registered interest
date	29/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Coinage
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent estimate his Department has made of the cost to the public purse of producing 50 pence coins to commemorate the UK leaving the EU on 31 October 2019.
tabling member constituency	Carshalton and Wallington
tabling member printed	Tom Brake
uin	7027
answer	answer is ministerial correction date of answer 04/11/2019 answer text <p>We do not comment on the cost of producing coins as this is commercially sensitive information. The cost of producing these coins will be partially offset by the value gained from recycling them.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 04/11/2019 13:55:58 answering member 4051 label Biography information for John Glen
tabling member	151 label Biography information for Tom Brake

1167038

registered interest
date	29/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Coinage
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent estimate his Department has made of the cost to the public purse of melting down the 50 pence coins produced to commemorate the UK leaving the EU on 31 October 2019.
tabling member constituency	Carshalton and Wallington
tabling member printed	Tom Brake
uin	7028
answer	answer is ministerial correction date of answer 04/11/2019 answer text <p>We do not comment on the cost of producing coins as this is commercially sensitive information. The cost of producing these coins will be partially offset by the value gained from recycling them.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/11/2019 13:53:39 answering member 4051 label Biography information for John Glen
tabling member	151 label Biography information for Tom Brake

1167212

registered interest
date	29/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the number of existing mortgage prisoners that could benefit from the rule changes announced by the FCA on 28 October 2019.
tabling member constituency	Blackpool South
tabling member printed	Gordon Marsden
uin	7072
answer	answer is ministerial correction date of answer 04/11/2019 answer text <p>I am aware that customers who are unable to access cheaper mortgage deals are in a difficult and stressful situation. Taking action to remove unnecessary regulatory barriers that have prevented some customers from switching has been a priority for me and so I welcome the changes the FCA have made to their mortgage lending rules.</p><p> </p><p>This change in the FCA’s rules should allow customers to switch to a new lender as long as they meet the lender’s risk appetite. This is determined by the lender and will take into account the circumstances of individual customers, which may include being up to date with their payments; not having significant other debt; and not being in negative equity.</p><p> </p><p>Due to the uncertainty of lender’s risk appetites or the number of consumers who will choose to use the new switching opportunities, it is impossible to know precisely how many mortgage prisoners will be helped by the rule change until lenders are able to report progress to the Financial Conduct Authority (FCA).</p><p> </p><p>Part of the FCA’s action to support mortgage prisoners is ensuring that borrowers, whose mortgage is currently held by an unregulated entity, are proactively contacted about this rule change. Inactive lenders and administrators acting for unregulated entities are now required to implement a communication strategy for relevant customers to inform them of the rule change within the next 10 months.</p><p> </p><p>The FCA ran a consultation on the rule changes and thoroughly considered representations from various interested parties before implementing the changes in October. Most recently, I have met with Andrew Bailey, Chief Executive of the FCA, where we agreed to continue to collaborate and engage to support mortgage prisoners moving forward. In addition, I have met specifically with MPs for the All-Party Parliamentary Group on mortgage prisoners and numerous other MPs who, representing their constituents, have wished to discuss mortgage policy.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 7073 7074 question first answered 04/11/2019 14:00:56 answering member 4051 label Biography information for John Glen
tabling member	465 label Biography information for Gordon Marsden

1167213

registered interest
date	29/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he will take to ensure that his officials contact existing vulture funds operating in the UK to ensure compliance with the new FCA regulations on mortgage prisoners.
tabling member constituency	Blackpool South
tabling member printed	Gordon Marsden
uin	7073
answer	answer is ministerial correction date of answer 04/11/2019 answer text <p>I am aware that customers who are unable to access cheaper mortgage deals are in a difficult and stressful situation. Taking action to remove unnecessary regulatory barriers that have prevented some customers from switching has been a priority for me and so I welcome the changes the FCA have made to their mortgage lending rules.</p><p> </p><p>This change in the FCA’s rules should allow customers to switch to a new lender as long as they meet the lender’s risk appetite. This is determined by the lender and will take into account the circumstances of individual customers, which may include being up to date with their payments; not having significant other debt; and not being in negative equity.</p><p> </p><p>Due to the uncertainty of lender’s risk appetites or the number of consumers who will choose to use the new switching opportunities, it is impossible to know precisely how many mortgage prisoners will be helped by the rule change until lenders are able to report progress to the Financial Conduct Authority (FCA).</p><p> </p><p>Part of the FCA’s action to support mortgage prisoners is ensuring that borrowers, whose mortgage is currently held by an unregulated entity, are proactively contacted about this rule change. Inactive lenders and administrators acting for unregulated entities are now required to implement a communication strategy for relevant customers to inform them of the rule change within the next 10 months.</p><p> </p><p>The FCA ran a consultation on the rule changes and thoroughly considered representations from various interested parties before implementing the changes in October. Most recently, I have met with Andrew Bailey, Chief Executive of the FCA, where we agreed to continue to collaborate and engage to support mortgage prisoners moving forward. In addition, I have met specifically with MPs for the All-Party Parliamentary Group on mortgage prisoners and numerous other MPs who, representing their constituents, have wished to discuss mortgage policy.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 7072 7074 question first answered 04/11/2019 14:00:56 answering member 4051 label Biography information for John Glen
tabling member	465 label Biography information for Gordon Marsden

1167214

registered interest
date	29/10/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with representatives of groups acting on behalf of mortgage prisoners on the effect of the announcement made by the FCA on 28 October 2019.
tabling member constituency	Blackpool South
tabling member printed	Gordon Marsden
uin	7074
answer	answer is ministerial correction date of answer 04/11/2019 answer text <p>I am aware that customers who are unable to access cheaper mortgage deals are in a difficult and stressful situation. Taking action to remove unnecessary regulatory barriers that have prevented some customers from switching has been a priority for me and so I welcome the changes the FCA have made to their mortgage lending rules.</p><p> </p><p>This change in the FCA’s rules should allow customers to switch to a new lender as long as they meet the lender’s risk appetite. This is determined by the lender and will take into account the circumstances of individual customers, which may include being up to date with their payments; not having significant other debt; and not being in negative equity.</p><p> </p><p>Due to the uncertainty of lender’s risk appetites or the number of consumers who will choose to use the new switching opportunities, it is impossible to know precisely how many mortgage prisoners will be helped by the rule change until lenders are able to report progress to the Financial Conduct Authority (FCA).</p><p> </p><p>Part of the FCA’s action to support mortgage prisoners is ensuring that borrowers, whose mortgage is currently held by an unregulated entity, are proactively contacted about this rule change. Inactive lenders and administrators acting for unregulated entities are now required to implement a communication strategy for relevant customers to inform them of the rule change within the next 10 months.</p><p> </p><p>The FCA ran a consultation on the rule changes and thoroughly considered representations from various interested parties before implementing the changes in October. Most recently, I have met with Andrew Bailey, Chief Executive of the FCA, where we agreed to continue to collaborate and engage to support mortgage prisoners moving forward. In addition, I have met specifically with MPs for the All-Party Parliamentary Group on mortgage prisoners and numerous other MPs who, representing their constituents, have wished to discuss mortgage policy.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 7072 7073 question first answered 04/11/2019 14:00:56 answering member 4051 label Biography information for John Glen
tabling member	465 label Biography information for Gordon Marsden